Six months ago, Bitcoin's popularity was at an all-time high, with new wallets and addresses being created left and right. This was largely due to the hype surrounding new Bitcoin projects and developments, such as Ordinals, as well as the upcoming halving event.

However, in the past six months, the fervor has died down, and the number of new addresses joining the network has plummeted to levels not seen since early 2018. According to recent data, only an average of 275,000 addresses were added to the Bitcoin network each day in the past week, compared to 625,000 six months ago.

This decline in popularity has also affected other metrics, such as miner revenue, which has fallen to record lows. Transaction fees on the network are also down, as well as on-chain volume metrics. Despite this, novel protocols on the Bitcoin network are attracting record levels of interest from Venture Capital firms, which could potentially set the stage for a comeback in the future.